Abstract: In this paper, we measure the enterprise comprehensive financial efficiency in the real estate industry listed companies in China between the period before and after the reform. We use the BCC model which is modified and based on data envelopment analysis (DEA) model.At the same time in state-owned listed wholesaling and retailing enterprise.Furthermore, we measure the policy effect which is used by difference-in-differences model on real estate industry enterprises' comprehensive financial efficiency. Research shows that:in view of the Reform of Replacing Business Tax for VAT on the real estate industry has significantly promote effect on the enterprise financial efficiency, policy effect is starting to show.But state still need to constantly improve and adjust the related policy,we still need to follow the research in the relevant industry policy effect for a long time.

Key words: the reform of replacing business tax for VAT, the real estate industry, the tax policy effect, DEA model, difference-in-differences model